Examlex
A student uses a balance to determine the mass of an object as 5.719 grams.The correct mass of the object is 5.586 grams.What is the percent error in the student's mass determination?
Principle of Second Best
An economic theory that suggests when a condition for a perfect market cannot be met, the next-best solution may involve violating another condition to improve efficiency.
Distortionary Tax
A tax that causes people to alter their behavior and make different economic decisions than they would in a free market, potentially leading to inefficiency.
Efficiency
The extent to which resources are utilized optimally to achieve desired outcomes with minimum waste or effort.
Second Best
A concept in economics that suggests if all optimal conditions cannot be satisfied, the second-best option should be pursued.
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